Actor Nicolas Cage's foreclosed 14,306-square-foot Las Vegas home sold the first day it was on the market for $4.95 million. The deal is expected to close Wednesday.
Cage purchased the six-bedroom, seven-and-a-half bathroom home in September 2006 for $8.5 million. He owes the Internal Revenue Service nearly $6 million in back taxes, and the IRS has foreclosed on four of his homes including two in New Orleans and one in California.
Kenneth Lowman, owner of Luxury Homes of Las Vegas, listed and sold the Las Vegas property. He says the luxury home segment of the market moves in tandem with the stock market. As stock rise, so do top-dollar properties.
I've been preaching to all of my potential buyers who are waiting in the wings the same message over and over. If you have the wherewithal, now is the time, Lowman says.
Source: Luxury Homes of Las Vegas (01/25/2010)